Prof. Olayinka David-West, Associate Dean, Lagos Business School Pan-Atlantic University, has stressed the importance of investing in cyber security measures and building a cyber security culture to mitigate risks associated with security breaches on businesses.

David-West, also Fellow, Chartered Risk Management Institute of Nigeria (CRMI), said this at the 2023 CRMI induction ceremony with theme: “Cyber Security Challenges in Modern Day Risk Management” on Thursday in Lagos.

Report says that CRMI which existed for over two decades as Risk Management Association of Nigeria (RIMAN) is committed to promoting the highest standard of risk management practices in Nigeria.

At the induction, HRH Muhammad Sanusi II, Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) and 43 persons were inducted as Fellows of the institute, while 42 others attained Chartered Risk Managers status.

According to David-West, the shift to the new digital world and increasing reliance on technology must be matched to tackle risks on businesses from cyber security breaches.

She said that in 2022 alone, there were over 600 billion cyber attacks which cost businesses and individuals over 600 billion dollars in damages and loss of productivity.

She, added that there was a shortage of professional cyber security skills in Nigeria, and noted that business organisations and individuals must be abreast with measures necessary to protect their network and data.

“We must develop plans to mitigate security breaches via technical and non technical controls such as long passwords, firewalls, intrusion detection systems, among others.

“We must be mindful of updating devices and using public USB ports for charging to avoid being breached.

“Organisations must train employees on phishing attacks and means to avoid infiltration of whole network.

“We should also begin to allocate budget to address cyber security to ensure security of businesses and persons and partner with security service providers to help improve cyber posture to provide 24/7 monitoring,” she said.

President, CRMI, Mr Ezekiel Oseni, said the induction of chartered risk manager and fellowship status of the institute was on deserving individuals who have demonstrated exceptional competence and expertise in the risk management profession.

Oseni said the institute was dedicated to advancing the field of risk management through education, research, and by building a community of risk management experts who can exchange knowledge and best practices across all sectors.

He added that the institute acknowledging the volatility of the business environment and increasing adoption and advancement of artificial intelligence was committed to promoting the highest standards of risk management practices in Nigeria.

“One of the ways to get our institutions, whether private or public, prepared for mitigation of risks and exploration of opportunities in the field.

“This is by having highly skilled and knowledgeable, tried, and tested risk management professionals in organisation as first and second line of defence.

“I am happy to announce that those to be conferred with the professional CRM status and FCRM status were not handpicked.

“They went through rigorous examinations or process and they were found to possess exceptional knowledge, skills and competence, and experience in the practise of risk management,” he said.

The CRMI president urged all employers of labour in the private and public sectors sector to create functional risk management department staffed with chartered risk managers to address the dearth of professional risk managers in the country.

Oseni tasked the new inductees to take advantage of the opportunities available to them through the institute, to continue their professional development, and to stay up-to-date with the latest trends and best practices in risk management.

“We believe that with the support and guidance of our institute, they will be able to make a significant contribution to their profession and society at large.

“As the ambassadors of the institute, you represent the institute as well as ethical and professional risk management practice.

“Therefore, keep the flag of this institute flying higher and higher and live to its expectations by exercising duty of care, diligence and integrity in all that you do as professionals,” he said. (NAN)